中国放松银行贷款损失准备要求Beijing waters down rules on bank loans

China’s banking regulator has softened rules requiring lenders to set aside provisions against losses on bad loans, to encourage banks to provide more trustworthy assessments of their health.

中国的银行业监管机构软化了要求银行对不良贷款损失拨备的规则，以鼓励各银行提供更为可信的健康评估。

The move suggests that even as regulators pursue a “regulatory windstorm” to curb excess in the banking system, they are calibrating their efforts to ensure lenders are providing enough credit to keep the economy humming.

此举似乎表明，即便在监管机构掀起“监管风暴”以遏制银行体系中出格行为的同时，他们也在微调自己的努力，以确保银行提供足够信贷来保持经济运转。

For years investors have viewed Chinese banks’ official non-performing loan (NPL) ratios with scepticism, amid suspicion that lenders use loan rollovers or off-balance-sheet accounting to disguise the extent of credit losses.

多年来，投资者一直以怀疑的眼光看待中国银行业的官方不良贷款(NPL)率，其背景是有人怀疑银行使用贷款滚转或表外会计手法来掩饰信贷损失程度。

At the same time, the China Banking Regulatory Commission (CBRC) has enforced among the highest requirements for loan-loss provisions of any large economy. The rules required commercial lenders to set aside provisions equal to 150 per cent of NPLs and 2.5 per cent of loans.

Under new rules sent to banks last month, the CBRC will allow province-level bank regulators to ease the ratios to as low as 120 per cent and 1.5 per cent, according to local media including Economic Information Daily, a unit of the official Xinhua news agency. The lower requirement will free up money that can be booked as profit or used for lending.

The new rules bring China closer to international standards. Most countries force banks to set aside provisions equal to between 50 per cent and 100 per cent of NPLs, according to research by Dong Ximiao, senior analyst at the Chongyang Institute for Financial Studies.

“Lowering these ratios will help banks to strike a balance between controlling risks and earning profits, while strengthening their willingness and ability to create credit and support the real economy,” said Mr Dong.

“降低这些比率将有助于银行在控制风险和赚取利润之间达到平衡，同时加强他们创造信贷、支持实体经济的意愿和能力，”董希淼表示。

China’s system-wide provisions equalled 181 per cent of NPLs and 3.2 per cent of total loans — well above the regulatory minimums. But some individual lenders have struggled to comply.

就中国的整个银行体系而言，拨备覆盖率达到181%，贷款拨备率达到3.2%，远高于监管设定的最低标准。但是个别银行难以达标。

Industrial and Commercial Bank of China, the world’s largest lender by assets, has repeatedly breached the 150 per cent threshold in recent years, while it and other large lenders have privately lobbied for the standard to be lowered.

按资产计算为全球最大银行的中国工商银行(ICBC)近年一再打破150%的下限，与此同时该行和其他大银行私下游说降低标准。

An index of mainland-listed blue-chip banks was up 1.4 per cent in Shanghai at midday yesterday, while the broader blue-chip CSI 300 index was flat. Large banks, which have access to the highest quality borrowers, are expected to benefit most from the relaxation. China bank shares have surged this year amid a strong economy.

“Of course, the most direct impact is to reduce the provisioning pressure on banks, which is good for profits. I expect profit growth at listed banks to be notably better in this year than last,” said Mr Dong.